Financial statements are the final output of the accounting process, serving as a medium to communicate a company’s financial condition to both internal and external parties. The pressure to present strong performance can lead to financial statement fraud, a form of manipulation that, while relatively rare, has a significant impact (ACFE, 2024). In Indonesia, such fraud frequently occurs in state-owned enterprises (SOEs). This study aims to find out what causes financial statement fraud by using the Fraud Hexagon Theory, which looks at six factors: pressure, capability, collusion, opportunity, rationalization, and ego—each assessed with specific indicators. A quantitative method was employed, focusing on non-bank SOEs listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. As a novelty, this study uses the employee turnover rate as a proxy for the ego element. The results show that pressure (ROA), collusion (political connection), and ego (employee turnover rate) have a significant influence on financial statement fraud, while capability (change of director), opportunity (ineffective monitoring), and rationalization (change of auditor) do not show any significant effect. These findings highlight that performance pressure, political affiliations, and unstable work environments are key drivers of financial statement manipulation